Mortgage Servicing & Ownership Guide glossary
Key terms
How it flows
These terms explain how mortgages are sold and serviced after closing, each with a primary source.
Last reviewed against the primary sources listed below.
- Servicer
- The company that collects payments and manages escrow for your loan. Source: CFPB: What's the difference between a mortgage lender and a mortgage servicer?
- Loan owner
- The investor that holds the loan, which may differ from the servicer. Source: CFPB: How can I tell who owns my mortgage?
- Servicing transfer
- A change in the company that services your loan. Source: CFPB: What happens if the company that I send my mortgage payments to changes?
- Goodbye and hello letters
- Notices from the old and new servicers about a transfer. Source: CFPB: Regulation X section 1024.33, mortgage servicing transfers